Nissay Asset Management Corp Japan ADV Acquires 1,943 Shares of AbbVie Inc. $ABBV

Key Points

• Nissay Asset Management Corp Japan ADV increased its holdings in AbbVie Inc. by 0.9%, bringing their total to 223,683 shares valued at approximately $46.87 million.
• AbbVie reported $2.97 EPS for the last quarter, which fell short of the expected $3.24, although their revenue reached $15.42 billion, exceeding forecasts.
• The company declared a quarterly dividend of $1.64 per share, yielding 3.1%, with a substantial dividend payout ratio of 312.38%.

Nissay Asset Management Corp Japan ADV boosted its position in AbbVie Inc. (NYSE:ABBV - Free Report) by 0.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 223,683 shares of the company's stock after purchasing an additional 1,943 shares during the quarter. Nissay Asset Management Corp Japan ADV's holdings in AbbVie were worth $46,866,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Narus Financial Partners LLC raised its position in shares of AbbVie by 25.3% during the 1st quarter. Narus Financial Partners LLC now owns 1,988 shares of the company's stock worth $417,000 after buying an additional 401 shares in the last quarter. Highland Capital Management LLC raised its position in shares of AbbVie by 6.3% during the 1st quarter. Highland Capital Management LLC now owns 46,853 shares of the company's stock worth $9,817,000 after buying an additional 2,792 shares in the last quarter. Weaver Capital Management LLC raised its position in shares of AbbVie by 3.9% during the 1st quarter. Weaver Capital Management LLC now owns 8,240 shares of the company's stock worth $1,727,000 after buying an additional 310 shares in the last quarter. North Star Asset Management Inc. raised its position in shares of AbbVie by 0.5% during the 1st quarter. North Star Asset Management Inc. now owns 161,320 shares of the company's stock worth $33,800,000 after buying an additional 756 shares in the last quarter. Finally, Alpine Bank Wealth Management bought a new stake in shares of AbbVie during the 1st quarter worth about $3,879,000. 70.23% of the stock is currently owned by institutional investors.

AbbVie Trading Down 1.2%

Shares of AbbVie stock traded down $2.59 during trading on Monday, hitting $209.97. The stock had a trading volume of 5,524,861 shares, compared to its average volume of 6,513,979. The stock has a 50 day simple moving average of $197.74 and a 200 day simple moving average of $194.08. The company has a market capitalization of $370.93 billion, a PE ratio of 99.99, a P/E/G ratio of 1.37 and a beta of 0.53. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14. AbbVie Inc. has a 1 year low of $163.81 and a 1 year high of $218.66.

AbbVie (NYSE:ABBV - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts' consensus estimates of $3.24 by ($0.27). AbbVie had a net margin of 6.45% and a return on equity of 699.66%. The company had revenue of $15.42 billion for the quarter, compared to analysts' expectations of $14.93 billion. During the same period in the previous year, the firm posted $2.65 earnings per share. The business's revenue for the quarter was up 6.6% on a year-over-year basis. On average, research analysts expect that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Wednesday, October 15th will be given a dividend of $1.64 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 dividend on an annualized basis and a yield of 3.1%. AbbVie's payout ratio is presently 312.38%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ABBV shares. Citigroup boosted their price target on shares of AbbVie to $205.00 and gave the stock a "hold" rating in a research report on Wednesday, June 11th. Daiwa America upgraded shares of AbbVie from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Raymond James Financial restated an "outperform" rating on shares of AbbVie in a research report on Monday, August 25th. Morgan Stanley boosted their target price on shares of AbbVie from $250.00 to $255.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Bank of America boosted their target price on shares of AbbVie to $204.00 and gave the stock a "hold" rating in a report on Monday, June 9th. Four analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $214.95.

Insider Buying and Selling

In related news, EVP Nicholas Donoghoe sold 13,295 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the transaction, the executive vice president directly owned 58,247 shares of the company's stock, valued at approximately $11,562,611.97. The trade was a 18.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $198.42, for a total transaction of $8,407,055.40. Following the transaction, the executive vice president directly owned 177,292 shares in the company, valued at $35,178,278.64. The trade was a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.08% of the company's stock.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.